AUSTIN – Local office deliveries will top 4 million sf this year for the first time in over a decade, predicts Marcus & Millichap in a new second quarter 2018 report.
According to the report, vacancy could have a 50-basis-point increase this year as absorption falls short of new supply. The vacancy rate could hit 10.9 percent in 2018.
Marcus & Millichap expects asking rates to increase 1.4 percent to $34.22 per sf.
Medical office assets are in high demand, and out-of-state buyer interest is strong across the market.
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